Veda Introduces Multi-Chain Yield Infrastructure After TVL Roars Past $1B

Veda surpassed $1B in TVL less than four months after launching.

Veda, a recently surging DeFi abstraction layer, now enables web3 protocols to source yields from multiple networks simultaneously.

On July 16, Veda announced the launch of its OmniYield infrastructure, allowing protocols leveraging Veda to simultaneously access yields from multiple chains. Veda emphasized that the protocol facilitates unified liquidity and bypasses the need for cross-chain bridges.

“Veda OmniYield is the first ever way to earn yield simultaneously across multiple chains,” Veda said. “We’re one step closer to bringing DeFi to a billion users.”

EterFi’s Liquid product has already adopted the technology, with its ETH vault expanding to support yields sourced from Pendle on Gearbox on the Arbitrum Layer 2. “Liquid on EtherFi now unifies liquidity across Ethereum and Arbitrum, with even more chains on the horizon,” Veda said.

Veda told The Defiant that OmniYield will roll out support for non-Ethereum Virtual Machines (EVM) networks in the future.

Veda’s infrastructure facilitates the tokenization of complex smart contract interactions, abstracting away the technical frictions typically associated with accessing complicated DeFi strategies.

Veda TVL soars

The news comes less than one week after Veda surpassed $1 billion in total value locked (TVL) less than four months after launching.

Veda announced the milestone on July 12, claiming it surpassed the ten-figure milestone faster than prominent DeFi protocols including Lido, Curve, and EigenLayer. Veda’s soaring TVL was propelled by 33% growth in 30 days, coming at a time when most DeFi protocols were suffering TVL drawdowns.

Veda’s TVL now sits at $1.17 billion, according to its website.

Veda boasts deep integrations with EtherFi. The partnership was first announced on May 30, with Veda revealed to be powering EtherFi’s Liquid ETH and USD yield vaults.

Veda now powers EtherFi’s liquid staking tokens (LRTs) derived from the Symbiotic and Karak restaking protocols.

Veda also integrated support for Aave on July 15.